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NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026

By
Advertorial Desk
-

SINGAPORE, May 28, 2026 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, announced its unaudited financial results for the first quarter of 2026.

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

  • Net revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products, and a 14.7% decrease quarter-on-quarter, primarily due to a decrease in performance-based income from overseas private equity products as compared with the fourth quarter of 2025.
  • Income from operations for the first quarter of 2026 was RMB236.4 million (US$34.3 million), a 27.1% increase from the corresponding period in 2025, primarily due to disciplined cost control on employee compensation.
  • Net income attributable to Noah shareholders for the first quarter of 2026 was RMB124.7 million (US$18.1 million), a 16.3% decrease from the corresponding period in 2025, primarily due to a higher loss from equity in affiliates, partially offset by lower operating costs and expenses.
  • Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2026 was RMB133.9 million (US$19.4 million), a 20.7% decrease from the corresponding period in 2025.

FIRST QUARTER 2026 OPERATIONAL UPDATES

The Company reports its operational performance across six business segments — three domestic and three overseas — plus headquarters. The following updates provide segment-specific operating metrics and developments during the first quarter of 2026.

Group-wide Operating Metrics

  • Total number of registered clients as of March 31, 2026 was 468,983, a 1.3% increase from March 31, 2025, and a 0.2% increase from December 31, 2025.
  • Total number of active clients[2] for the first quarter of 2026 was 10,742, a 21.8% increase from the first quarter of 2025 and a 4.7% increase from the fourth quarter of 2025.
  • Aggregate value of investment products distributed during the first quarter of 2026 was RMB23.3 billion (US$3.4 billion), compared with RMB16.1 billion in the first quarter of 2025 and RMB17.0 billion in the fourth quarter of 2025, mainly due to increases of distributing domestic public securities.
  • Total assets under management as of March 31, 2026 were RMB140.2 billion (US$20.3 billion), compared with RMB149.3 billion as of March 31, 2025 and RMB141.7 billion as of December 31, 2025, mainly due to continuous allocation of domestic private equity products.

Distribution of Investment Products

  • The aggregate value of investment products distributed, categorized by product type, is as follows:

 

Three months ended March 31,

2025

2026

(RMB in billions, except percentages)

Mutual fund products

7.6

47.2 %

12.9

55.3 %

Private secondary products

6.1

37.9 %

8.4

36.1 %

Private equity products

1.5

9.3 %

1.2

5.2 %

Other products[3]

0.9

5.6 %

0.8

3.4 %

All products

16.1

100.0 %

23.3

100.0 %

 

[1] Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation net of relevant tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.

[2] “Active clients” for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.

[3] “Other products” refers to other investment products, which includes insurance products, multi-strategies products and others.

 

  • The aggregate value of investment products distributed, categorized by geography, is as follows：

 

Type of products in mainland

Three months ended March 31,

China

2025

2026

(RMB in billions, except percentages)

Mutual fund products

4.3

53.7 %

9.9

64.7 %

Private secondary products

3.3

41.3 %

5.4

35.3 %

Other products

0.4

5.0 %

–

–

All products in mainland China

8.0

100.0 %

15.3

100.0 %

Three months ended March 31,

Type of overseas products

2025

2026

(RMB in billions, except percentages)

Mutual fund products

3.3

40.7 %

3.0

37.5 %

Private secondary products

2.8

34.6 %

3.0

37.5 %

Private equity products

1.5

18.5 %

1.2

15.0 %

Other products

0.5

6.2 %

0.8

10.0 %

All overseas products

8.1

100.0 %

8.0

100.0 %

Assets Under Management

  • Total assets under management, categorized by investment type, are as follows:

 

Investment type

As of
December 31,
2025

Growth

Allocation/
Redemption[4]

As of
March 31,
2026

(RMB billions, except percentages)

Private equity

127.0

89.6 %

0.4

1.4

126.0

89.8 %

Public securities[5]

8.6

6.1 %

0.8

1.0

8.4

6.0 %

Real estate

4.1

2.9 %

–

0.1

4.0

2.9 %

Multi-strategies

2.0

1.4 %

–

0.2

1.8

1.3 %

All Investments

141.7

100.0 %

1.2

2.7

140.2

100.0 %

 

  • Total assets under management, categorized by geography, are as follows:

 

Mainland China

Investment type

As of
December 31,
2025

Growth

Allocation/
Redemption[5]

As of
March 31,
2026

(RMB billions, except percentages)

Private equity

93.6

94.3 %

–

1.3

92.3

94.6 %

Public securities

4.1

4.1 %

0.2

0.5

3.8

3.9 %

Real estate

0.2

0.2 %

–

0.1

0.1

0.1 %

Multi-strategies

1.4

1.4 %

–

–

1.4

1.4 %

All Investments

99.3

100.0 %

0.2

1.9

97.6

100.0 %

Overseas

Investment type

As of
December 31,
2025

Growth

Allocation/
Redemption[5]

As of
March 31,
2026

(RMB billions, except percentages)

Private equity

33.4

78.8 %

0.4

0.1

33.7

79.1 %

Public securities

4.5

10.6 %

0.6

0.5

4.6

10.8 %

Real estate

3.9

9.2 %

–

–

3.9

9.2 %

Multi-strategies

0.6

1.4 %

–

0.2

0.4

0.9 %

All Investments

42.4

100.0 %

1.0

0.8

42.6

100.0 %

 

[4] The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.

[5] The asset allocation/redemption of public securities also includes market appreciation or depreciation.

Segment Operating Metrics

Domestic Business

Our domestic operations are organized into three reportable segments: Domestic public securities, Domestic asset management, and Domestic insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market.

Domestic public securities

Domestic public securities, operating under the Noah Upright brand, is the business that distributes mutual funds and private secondary products in mainland China. This segment operates under an “online-first, offline-supported” business model, with the goal of facilitating global asset allocation through RMB-denominated products.

  • Transaction value of public securities products distributed in mainland China during the first quarter of 2026 was RMB9.9 billion (US$1.4 billion), a 130.2% increase from RMB4.3 billion in the first quarter of 2025 and a 67.8% increase from RMB5.9 billion in the fourth quarter of 2025.
  • Transaction value of RMB-denominated private secondary productsdistributed in mainland China during the first quarter of 2026 was RMB5.4 billion (US$0.8 billion), a 63.6% increase from RMB3.3 billion in the first quarter of 2025 and a 145.5% increase from RMB2.2 billion in the fourth quarter of 2025.
  • Number of active clients in this segment during the first quarter of 2026 was 7,877, a 36.1% increase from the first quarter of 2025.
  • Number of licensed relationship managers serving this segment was 201 as of March 31, 2026, compared with 198 as of March 31, 2025.

Domestic asset management

Domestic asset management, operating under the Gopher Asset Management brand, is the business that manages RMB-denominated private equity funds and private secondary products. Current focus areas include managing primary market exits on existing vintages and growing cross-border ETF products in the secondary market.

  • AUM of RMB-denominated private equity products as of March 31, 2026 was RMB92.3 billion (US$13.4 billion), compared with RMB97.3 billion as of March 31, 2025 and RMB93.6 billion as of December 31, 2025, mainly due to our continuous effort on exiting private equity products.
  • AUM of RMB-denominated public securities products as of March 31, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.3 billion as of March 31, 2025 and RMB4.1 billion as of December 31, 2025.
  • Net flow during the quarter: new AUM added was RMB0.2 billion (US$2.9 million) and AUM allocated/redeemed was RMB1.9 billion (US$0.3 billion) during the first quarter of 2026.

Domestic insurance

Domestic insurance, operating under the Glory brand, is the business that distributes insurance products in mainland China, consisting mainly of life and health insurance products. The business has been undergoing a strategic shift toward a commission-only broker model and comprehensive family succession planning services. The net revenues for the first quarter of 2026 were RMB1.4 million (US$0.2 million).

Overseas Business

Our overseas operations are organized into three reportable segments: Overseas wealth management, Overseas asset management, and Overseas insurance and comprehensive services. The Company operates booking centers in Hong Kong, Singapore and key U.S. markets including New York, Los Angeles and Silicon Valley.

Overseas wealth management

Overseas wealth management, operating under the ARK Wealth Management brand, is the business that provides offline and online wealth management services to global Chinese high-net-worth investors outside mainland China. Currently we are dedicated to provide comprehensive services using our booking center in Hong Kong and Singapore.

  • Number of overseas registered clients as of March 31, 2026 was 20,373, an 11.9% increase from March 31, 2025 and a 1.9% increase from December 31, 2025.
  • Number of overseas active clients who transacted with us during the first quarter of 2026 was 3,219, a 4.9% decrease from the first quarter of 2025 and a 1.3% decrease from the fourth quarter of 2025, mainly due to decreased transactions of insurance products.
  • Transaction value of overseas investment products distributed during the first quarter of 2026 was RMB8.0 billion (US$1.2 billion), compared with RMB8.1 billion in the first quarter of 2025 and RMB8.8 billion in the fourth quarter of 2025.
  • Overseas AUA (assets under advisory, including distributed products) as of March 31, 2026 was RMB66.1 billion (US$9.6 billion), compared with RMB66.4 billion as of December 31, 2025 and RMB65.7 billion as of March 31, 2025.
  • Number of overseas relationship managers working under this segment was 89 as of March 31, 2026, compared with 96 as of March 31, 2025 and 94 as of December 31, 2025.
  • AI technology initiatives: In Singapore, we pioneered the “AI + Wealth Management” department, and have seen a 191.7% growth in AUA from December 31, 2025 to March 31, 2026.

Overseas asset management

Overseas asset management, operating under the Olive Asset Management brand, is the business that manages USD-denominated private equity funds and private secondary products, with a dedicated U.S. product center and partnerships with top-tier global managers across structured products and hedge funds. We are building our offices in Hong Kong, Singapore, Japan and key U.S. markets, including New York and Silicon Valley.

  • Actively managed overseas AUM as of March 31, 2026 was RMB42.6 billion (US$6.2 billion), compared with RMB42.4 billion as of December 31, 2025 and RMB42.7 billion as of March 31, 2025.
  • Number of relationship managers working under this segment was 43 as of March 31, 2026, compared with 35 as of March 31, 2025 and 46 as of December 31, 2025.

Overseas insurance and comprehensive services

Overseas insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive overseas services such as insurance distribution, trust services and other family office-style services. With offices in Hong Kong, Singapore and Los Angeles, we provide global coverage to clients.

  • Number of active clients in this segment during the first quarter of 2026 was 79, compared with 159 during the first quarter of 2025 and 90 during the fourth quarter of 2025.
  • Number of clients receiving comprehensive services was 727 as of March 31, 2026, compared with 709 as of March 31, 2025.

Headquarters

Headquarters reflects revenue generated from corporate operations at the Company’s headquarters in Singapore and office in Shanghai, as well as administrative costs and expenses that are not directly allocated to the aforementioned six business segments, including investments in platform-wide technology, AI infrastructure and corporate functions.

Ms. Jingbo Wang, co-founder and chairlady of Noah, commented: “Entering 2026, Noah stands structurally different and is entering what we define as the ‘growth verification phase’. Our performance in the first quarter reflects this momentum, with income from operations reaching RMB236.4 million, a 27.1% increase from the corresponding period in 2025. This growth was driven by disciplined cost controls and a robust recovery in our domestic public securities segment, which saw a 75.7% surge in operating income.

Our vision for 2026 and beyond is anchored in the institutional integration of AI and the continued expansion of our global platform. AI is no longer merely an auxiliary tool but a core part of our structural infrastructure. Strategically, we are moving beyond single-market reliance to a model of global multi-market synergy. Our global architecture—comprising ARK for client connectivity, Olive for global asset management, and Glory for family heritage services—is now firmly in place. In Singapore, we pioneered the ‘AI + Wealth Management’ department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by a 191.7% growth in AUA from December 31, 2025 to March 31, 2026. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.

With a solid balance sheet and a commitment to long-term value, we remain focused on sharing our success with shareholders. While the environment remains dynamic, the combination of our structural resilience, international breakthrough, and AI-driven evolution positions Noah to follow a more sustainable and prosperous path over time.”

FIRST QUARTER 2026 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products.

 

Net Revenues under the segmentation are as follows:

(RMB millions,

except percentages)

Q1 2025

Q1 2026

YoY Change

Domestic public securities

127.5

207.8

63.1 %

Domestic asset management

167.0

174.5

4.5 %

Domestic insurance

6.4

1.4

(78.9 %)

Overseas wealth management

162.0

104.0

(35.8 %)

Overseas asset management

112.0

91.7

(18.1 %)

Overseas insurance and comprehensive services

30.2

37.6

24.4 %

Headquarters

9.5

8.8

(7.8 %)

Total net revenues

614.6

625.8

1.8 %

 

  • Net revenues for domestic public securities for the first quarter of 2026 were RMB207.8 million (US$30.1 million), a 63.1% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of domestic private secondary products.
  • Net revenues for domestic asset management for the first quarter of 2026 were RMB174.5 million (US$25.3 million), a 4.5% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from domestic asset management products, partially offset by a decrease in recurring service fees from private equity products.
  • Net revenues for domestic insurance for the first quarter of 2026 were RMB1.4 million (US$0.2 million), a 78.9% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products.
  • Net revenues for overseas wealth management for the first quarter of 2026 were RMB104.0 million (US$15.1 million), a 35.8% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of overseas products.
  • Net revenues for overseas asset management for the first quarter of 2026 were RMB91.7 million (US$13.3 million), an 18.1% decrease from the corresponding period in 2025, primarily due to a decrease in performance-based income from overseas private equity products as compared with the corresponding period in 2025.
  • Net revenues for overseas insurance and comprehensive services for the first quarter of 2026 were RMB37.6 million (US$5.4 million), a 24.4% increase from the corresponding period in 2025, primarily due to an increase in other service fees.
  • Net revenues for Headquarters for the first quarter of 2026 were RMB8.8 million (US$1.3 million), a 7.8% decrease from RMB9.5 million for the corresponding period in 2025.

Operating Costs and Expenses

  • Operating costs and expenses for the first quarter of 2026 were RMB389.3 million (US$56.4 million), a 9.2% decrease from the corresponding period in 2025. Operating costs and expenses for the first quarter of 2026 primarily consisted of (i) compensation and benefits of RMB266.7 million (US$38.7 million); (ii) selling expenses of RMB36.2 million (US$5.2 million); (iii) general and administrative expenses of RMB66.8 million (US$9.7 million); (iv) provision for credit losses of RMB3.2 million (US$0.5 million); and (v) other operating expenses of RMB16.6 million (US$2.4 million).
  • Operating costs and expenses for domestic public securities for the first quarter of 2026 were RMB40.9 million (US$5.9 million), a 26.0% increase from the corresponding period in 2025, mainly due to an increase in compensation and benefits in line with revenue growth.
  • Operating costs and expenses for domestic asset management for the first quarter of 2026 were RMB23.1 million (US$3.4 million), a 25.6% decrease from the corresponding period in 2025, mainly attributable to our continuous decreases of headcounts within this segment.
  • Operating costs and expenses for domestic insurance for the first quarter of 2026 were RMB5.0 million (US$0.7 million), a 77.6% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from domestic insurance business.
  • Operating costs and expenses for overseas wealth management for the first quarter of 2026 were RMB78.6 million (US$11.4 million), a 24.4% decrease from the corresponding period in 2025, primarily due to a decrease in relationship manager compensation in line with the revenue decline.
  • Operating costs and expenses for overseas asset management for the first quarter of 2026 were RMB32.6 million (US$4.7 million), a 49.3% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with overseas asset management business expansion.
  • Operating costs and expenses for overseas insurance and comprehensive services for the first quarter of 2026 were RMB32.6 million (US$4.7 million), an 18.9% increase from the corresponding period in 2025, primarily due to an increase in costs related to commission-only brokers and provision for credit losses.
  • Operating costs and expenses for headquarters for the first quarter of 2026 were RMB176.5 million (US$25.6 million), a 6.9% decrease from the corresponding period in 2025, primarily due to disciplined cost control on employee compensation.

 

Income(loss) from operations

Income(loss) from operations under the segmentation is as follows:

 

(RMB millions,

except percentages)

Q1 2025

Q1 2026

YoY Change

Domestic public securities

95.0

166.9

75.7 %

Domestic asset management

135.9

151.4

11.4 %

Domestic insurance

(15.7)

(3.6)

(77.1 %)

Overseas wealth management

58.1

25.4

(56.2 %)

Overseas asset management

90.1

59.1

(34.5 %)

Overseas insurance and comprehensive services

2.7

4.9

79.7 %

Headquarters

(180.1)

(167.7)

(6.9 %)

Total income from operations

186.0

236.4

27.1 %

 

  • Income from operations for domestic public securities for the first quarter of 2026 was RMB166.9 million (US$24.2 million), a 75.7% increase from the corresponding period in 2025.
  • Income from operations for domestic asset management for the first quarter of 2026 was RMB151.4 million (US$21.9 million), an 11.4% increase from the corresponding period in 2025.
  • Loss from operations for domestic insurance for the first quarter of 2026 was RMB3.6 million (US$0.5 million), a 77.1% decrease from the corresponding period in 2025, reflecting a narrower loss.
  • Income from operations for overseas wealth management for the first quarter of 2026 was RMB25.4 million (US$3.7 million), a 56.2% decrease from the corresponding period in 2025.
  • Income from operations for overseas asset management for the first quarter of 2026 was RMB59.1 million (US$8.6 million), a 34.5% decrease from the corresponding period in 2025.
  • Income from operations for overseas insurance and comprehensive services for the first quarter of 2026 was RMB4.9 million (US$0.7 million), a 79.7% increase from the corresponding period in 2025.
  • Loss from operations for headquarters for the first quarter of 2026 was RMB167.7 million (US$24.3 million), a 6.9% decrease from the corresponding period in 2025, reflecting disciplined cost control on employee compensation.

Operating Margin

Operating margin for the first quarter of 2026 was 37.8%, compared with 30.3% for the corresponding period in 2025.

Interest Income

Interest income for the first quarter of 2026 was RMB32.0 million (US$4.6 million), a 2.3% decrease from the corresponding period in 2025.

Investment (Loss) Income 

Investment loss for the first quarter of 2026 was RMB2.0 million (US$0.3 million), compared with income of RMB6.3 million in the corresponding period in 2025, primarily due to unrealized losses resulting from fair value changes in certain equity securities.

Income Tax Expense 

Income tax expense for the first quarter of 2026 was RMB66.7 million (US$9.7 million), a 10.0% increase from the corresponding period in 2025.

Net Income

  • Net income for the first quarter of 2026 was RMB123.2 million (US$17.9 million), a 17.8% decrease from the corresponding period in 2025.
  • Net margin for the first quarter of 2026 was 19.7%, compared with 24.4% for the corresponding period in 2025.
  • Net income attributable to Noah shareholders for the first quarter of 2026 was RMB124.7 million (US$18.1 million), a 16.3% decrease from the corresponding period in 2025.
  • Net margin attributable to Noah shareholders for the first quarter of 2026 was 19.9%, compared with 24.2% for the corresponding period in 2025.
  • Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2026 was RMB1.81 (US$0.26) and RMB1.79 (US$0.26), respectively, compared with RMB2.13 and RMB2.11, respectively, for the corresponding period in 2025.

Non-GAAP Net Income Attributable to Noah Shareholders

  • Non-GAAP net income attributable to Noah shareholders for the first quarter of 2026 was RMB133.9 million (US$19.4 million), a 20.7% decrease from the corresponding period in 2025.
  • Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2026 was 21.4%, compared with 27.5% for the corresponding period in 2025.
  • Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2026 was RMB1.92 (US$0.28), compared with RMB2.39 for the corresponding period in 2025.

BALANCE SHEET AND CASH FLOW

As of March 31, 2026, the Company had RMB4,280.7 million (US$620.6 million) in cash and cash equivalents, compared with RMB4,360.9 million as of December 31, 2025 and RMB4,075.4 million as of March 31, 2025.

Net cash inflow from the Company’s operating activities during the first quarter of 2026 was RMB212.4 million (US$30.8 million), compared with RMB253.4 million in the corresponding period in 2025, primarily attributable to changes in net income and the non-cash adjustment for equity method investments.

Net cash outflow from the Company’s investing activities during the first quarter of 2026 was RMB123.7 million (US$17.9 million), compared with a net cash inflow of RMB20.0 million in the corresponding period in 2025, primarily due to the purchase of certain time deposits with a maturity of more than three months in the first quarter of 2026.

Net cash outflow from the Company’s financing activities was RMB129.0 million (US$18.7 million) in the first quarter of 2026, compared to net cash outflow of RMB9.4 million in the corresponding period in 2025, primarily due to share repurchases in the first quarter of 2026.

CONFERENCE CALL

The Company’s senior management will host an earnings conference call to discuss its Q1 2026 Results and recent business activities. Details of the conference call are as follows:

Dial-in details：

Conference title：

Noah Holdings 1Q 2026 Earnings Conference Call

Date/Time：

Wednesday, May 27, 2026 at 8:00 p.m., U.S. Eastern Time

Thursday, May 28, 2026 at 8:00 a.m., Hong Kong Time

Dial in:

– Hong Kong Toll Free:

800-963976

– United States Toll Free:

1-888-317-6003

– Mainland China Toll Free:

+86-4001-206115

– International Toll:

1-412-317-6061

Participant Password:

4079483

A telephone replay will be available starting approximately one hour after the end of the conference until June 3, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9501982.

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release. 

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. 

When evaluating the Company’s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company’s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

ABOUT NOAH HOLDINGS LIMITED 

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah’s American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol “NOAH,” and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code “6686.” One ADS represents five ordinary shares, par value $0.00005 per share. 

In the first quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026. 

Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. 

For more information, please visit Noah’s investor relations website at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the first quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate for March 31, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board. 

SAFE HARBOR STATEMENT 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

 

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

December 31,
2025

March 31,
2026

March 31,
2026

RMB’000

RMB’000

USD’000

Assets

Current assets:

Cash and cash equivalents

4,360,918

4,280,733

620,576

Restricted cash

11,143

11,247

1,630

Short-term investments

657,563

833,752

120,869

Accounts receivable, net

420,132

334,686

48,519

Amounts due from related parties

596,800

680,951

98,717

Loans receivable, net

112,416

111,690

16,192

Other current assets

201,573

211,822

30,708

Total current assets

6,360,545

6,464,881

937,211

Long-term investments, net

1,172,012

1,160,937

168,301

Investment in affiliates

1,326,131

1,142,706

165,658

Property and equipment, net

2,356,440

2,325,755

337,164

Operating lease right-of-use assets, net

103,027

92,047

13,344

Deferred tax assets

310,287

310,049

44,948

Other non-current assets

112,492

115,565

16,753

Total Assets

11,740,934

11,611,940

1,683,379

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

407,558

404,475

58,637

Income tax payable

147,510

146,668

21,262

Deferred revenues

54,398

58,961

8,548

Contingent liabilities

505,496

504,920

73,198

Other current liabilities

312,240

244,855

35,497

Total current liabilities

1,427,202

1,359,879

197,142

Deferred tax liabilities

263,608

261,653

37,932

Operating lease liabilities, non-current

60,344

52,475

7,607

Other non-current liabilities

6,820

6,936

1,006

Total Liabilities

1,757,974

1,680,943

243,687

Equity

9,982,960

9,930,997

1,439,692

Total Liabilities and Equity

11,740,934

11,611,940

1,683,379

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

Three months ended

March 31,

March 31,

March 31,

2025

2026

2026

Change

RMB’000

RMB’000

USD’000

Revenues:

Revenues from others:

One-time commissions

154,991

113,065

16,391

(27.1 %)

Recurring service fees

151,596

147,525

21,387

(2.7 %)

Performance-based income

13,986

80,585

11,682

476.2 %

Other service fees

36,863

33,878

4,911

(8.1 %)

Total revenues from others

357,436

375,053

54,371

4.9 %

Revenues from funds Gopher/Olive manages:

One-time commissions

3,750

1,191

173

(68.2 %)

Recurring service fees

244,380

234,594

34,009

(4.0 %)

Performance-based income

14,529

20,074

2,910

38.2 %

Total revenues from funds Gopher/Olive manages

262,659

255,859

37,092

(2.6 %)

Total revenues

620,095

630,912

91,463

1.7 %

Less: VAT related surcharges

(5,501)

(5,161)

(748)

(6.2 %)

Net revenues

614,594

625,751

90,715

1.8 %

Operating costs and expenses:

Compensation and benefits

Relationship manager compensation

(122,568)

(102,462)

(14,854)

(16.4 %)

Other compensations

(181,327)

(164,280)

(23,817)

(9.4 %)

Total compensation and benefits

(303,895)

(266,742)

(38,671)

(12.2 %)

Selling expenses

(51,072)

(36,207)

(5,249)

(29.1 %)

General and administrative expenses

(64,441)

(66,835)

(9,689)

3.7 %

Provision for credit losses

(2,810)

(3,170)

(460)

12.8 %

Other operating expenses

(15,699)

(16,574)

(2,403)

5.6 %

Government subsidies

9,331

215

31

(97.7 %)

Total operating costs and expenses

(428,586)

(389,313)

(56,441)

(9.2 %)

Income from operations

186,008

236,438

34,274

27.1 %

Other income (expense):

Interest income

32,801

32,048

4,646

(2.3 %)

Investment income (loss)

6,270

(2,011)

(292)

N.A.

Contingent litigation expenses, net

–

(2,730)

(396)

N.A.

Other expense

(3,081)

(8,528)

(1,236)

176.8 %

Total other income

35,990

18,779

2,722

(47.8 %)

Income before taxes and income from equity in affiliates

221,998

255,217

36,996

15.0 %

Income tax expense

(60,605)

(66,660)

(9,664)

10.0 %

Loss from equity in affiliates

(11,574)

(65,343)

(9,473)

464.6 %

Net income

149,819

123,214

17,859

(17.8 %)

Less: net income (loss) attributable to non-controlling
interests

855

(1,501)

(218)

N.A.

Net income attributable to Noah shareholders

148,964

124,715

18,077

(16.3 %)

Income per ADS, basic

2.13

1.81

0.26

(15.0 %)

Income per ADS, diluted

2.11

1.79

0.26

(15.2 %)

Margin analysis:

Operating margin

30.3 %

37.8 %

37.8 %

Net margin

24.4 %

19.7 %

19.7 %

Weighted average ADS equivalent [1]:

Basic

69,913,957

69,020,208

69,020,208

Diluted

70,600,397

69,819,250

69,819,250

ADS equivalent outstanding at end of period

66,508,418

65,446,158

65,446,158

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.

 

 

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

March 31,

March 31,

March 31,

2025

2026

2026

Change

RMB’000

RMB’000

USD’000

Net income

149,819

123,214

17,859

(17.8 %)

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

(22,834)

(58,364)

(8,461)

155.6 %

Fair value fluctuation of available-for-sale Investment
    (after tax)

233

233

34

–

Comprehensive income

127,218

65,083

9,432

(48.8 %)

Less: Comprehensive income (loss) attributable to
    non-controlling interests

910

(1,421)

(206)

N.A.

Comprehensive income attributable to Noah
     shareholders

126,308

66,504

9,638

(47.3 %)

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended March 31, 2026

Domestic
public
securities

Domestic
asset
management

Domestic
insurance

Overseas
wealth
management

Overseas
asset
management

Overseas
insurance
and
comprehensive
services

Headquarters

Total

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

25,733

684

1,362

54,565

7,614

23,107

–

113,065

Recurring service fees

91,475

26,029

–

13,493

16,528

–

–

147,525

Performance-based income

80,569

–

–

–

16

–

–

80,585

Other service fees

–

–

–

7,389

–

14,450

12,039

33,878

Total revenues from others

197,777

26,713

1,362

75,447

24,158

37,557

12,039

375,053

Revenues from funds Gopher/Olive
  manages

One-time commissions

1,021

170

–

–

–

–

–

1,191

Recurring service fees

8,375

131,000

–

28,567

66,652

–

–

234,594

Performance-based income

2,205

17,029

–

–

840

–

–

20,074

Total revenues from funds
   Gopher/Olive manages

11,601

148,199

–

28,567

67,492

–

–

255,859

Total revenues

209,378

174,912

1,362

104,014

91,650

37,557

12,039

630,912

Less: VAT related surcharges

(1,541)

(364)

(5)

–

–

–

(3,251)

(5,161)

Net revenues

207,837

174,548

1,357

104,014

91,650

37,557

8,788

625,751

Operating costs and expenses:

Compensation and benefits
     Relationship manager compensation

(30,398)

(4,728)

(508)

(51,913)

(9,879)

(5,036)

–

(102,462)

     Other compensations

(7,130)

(17,001)

(2,820)

(15,947)

(19,492)

(11,215)

(90,675)

(164,280)

Total compensation and benefits

(37,528)

(21,729)

(3,328)

(67,860)

(29,371)

(16,251)

(90,675)

(266,742)

Selling expenses

(2,986)

(1,105)

(144)

(8,865)

(3,390)

(2,461)

(17,256)

(36,207)

General and administrative
   expenses

(15)

(955)

(1,486)

(560)

(500)

(2,013)

(61,306)

(66,835)

Reversal of (Provision for) credit
   losses

–

646

–

–

–

(3,476)

(340)

(3,170)

Other operating expenses

(388)

(204)

–

(1,280)

673

(8,440)

(6,935)

(16,574)

Government subsidies

6

207

2

–

–

–

–

215

Total operating costs and expenses

(40,911)

(23,140)

(4,956)

(78,565)

(32,588)

(32,641)

(176,512)

(389,313)

Income (loss) from operations

166,926

151,408

(3,599)

25,449

59,062

4,916

(167,724)

236,438

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended March 31, 2025

Domestic
public
securities

Domestic
asset
management

Domestic
insurance

Overseas
wealth
management

Overseas
asset
management

Overseas
insurance
and
comprehensive
services

Headquarters

Total

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

14,034

68

6,474

105,689

5,532

23,194

–

154,991

Recurring service fees

85,803

35,392

–

9,120

21,281

–

–

151,596

Performance-based income

13,800

45

–

–

141

–

–

13,986

Other service fees

–

–

–

16,315

–

6,992

13,556

36,863

Total revenues from others

113,637

35,505

6,474

131,124

26,954

30,186

13,556

357,436

Revenues from funds Gopher/Olive
  manages

One-time commissions

3,336

–

–

290

124

–

–

3,750

Recurring service fees

10,669

131,673

–

30,611

71,427

–

–

244,380

Performance-based income

1,076

–

–

–

13,453

–

–

14,529

Total revenues from funds
    Gopher/Olive manages

15,081

131,673

–

30,901

85,004

–

–

262,659

Total revenues

128,718

167,178

6,474

162,025

111,958

30,186

13,556

620,095

Less: VAT related surcharges

(1,252)

(186)

(37)

–

–

–

(4,026)

(5,501)

Net revenues

127,466

166,992

6,437

162,025

111,958

30,186

9,530

614,594

Operating costs and expenses:

Compensation and benefits
     Relationship manager compensation

(21,798)

(14,966)

(8,692)

(70,217)

(1,303)

(5,592)

(122,568)

     Other compensations

(7,050)

(15,918)

(7,598)

(19,840)

(14,956)

(11,554)

(104,411)

(181,327)

Total compensation and benefits

(28,848)

(30,884)

(16,290)

(90,057)

(16,259)

(17,146)

(104,411)

(303,895)

Selling expenses

(3,140)

(2,044)

(3,669)

(12,857)

(5,361)

(2,606)

(21,395)

(51,072)

General and administrative
   expenses

(118)

(1,092)

(2,213)

(1,047)

(205)

(575)

(59,191)

(64,441)

Provision for credit losses

–

–

–

–

–

(1,600)

(1,210)

(2,810)

Other operating expenses

(410)

(2,380)

–

–

–

(5,523)

(7,386)

(15,699)

Government subsidies

40

5,309

12

–

–

–

3,970

9,331

Total operating costs and expenses

(32,476)

(31,091)

(22,160)

(103,961)

(21,825)

(27,450)

(189,623)

(428,586)

Income (loss) from operations

94,990

135,901

(15,723)

58,064

90,133

2,736

(180,093)

186,008

 

 

Noah Holdings Limited

Supplemental Revenue Information by Geography

(unaudited)

Three months ended

March 31,
2025

March 31, 
2026

Change

(in thousands of RMB, except percentages)

Revenues:

Mainland China

315,927

397,691

25.9 %

Hong Kong

227,148

174,242

(23.3 %)

Others

77,020

58,979

(23.4 %)

Total revenues

620,095

630,912

1.7 %

 

 

Noah Holdings Limited

Supplemental Business Information by Product Types

(unaudited)

Three months ended

March 31,
2025

March 31,
2026

Change

(in thousands of RMB, except percentages)

Mainland China:

Public securities products [1]

128,720

209,378

62.7 %

Private equity products

166,769

174,912

4.9 %

Insurance products

6,474

1,362

(79.0 %)

Others

13,964

12,039

(13.8 %)

Subtotal

315,927

397,691

25.9 %

Overseas:

Investment products [2]

156,714

145,065

(7.4 %)

Insurance products

115,976

59,908

(48.3 %)

Online business [3]

10,495

9,378

(10.6 %)

Others

20,983

18,870

(10.1 %)

Subtotal

304,168

233,221

(23.3 %)

Total revenues

620,095

630,912

1.7 %

[1] Includes mutual funds and private secondary products.

[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate
products and private credit products.

[3] Includes money market mutual fund products, securities brokerage business.

 

 

Noah Holdings Limited

Supplemental Operational Information

(unaudited)

As of

March 31,
2025

March 31,
2026

Change

Number of registered clients

463,161

468,983

1.3 %

Three months ended

March 31,
2025

March 31,
2026

Change

(in millions of RMB, except number of active clients and
percentages)

Number of active clients

8,822

10,742

21.8 %

Transaction value:

Private equity products

1,461

1,189

(18.6 %)

Private secondary products

6,114

8,367

36.8 %

Mutual fund products

7,595

12,899

69.8 %

Other products

934

864

(7.5 %)

Total transaction value

16,104

23,319

44.8 %

 

 

Noah Holdings Limited

Supplemental Information of Overseas Business

(unaudited)

Three months ended

March 31,
2025

March 31,
2026

Change

Net Revenues from Overseas (RMB, million)

304.2

233.2

(23.3 %)

Number of Overseas Registered Clients

18,207

20,373

11.9 %

Number of Overseas Active Clients

3,384

3,219

(4.9 %)

Transaction Value of Overseas Investment Products (RMB, billion)

8.1

8.0

(1.2 %)

Number of Overseas Relationship Managers

131

132

0.8 %

Overseas Assets Under Management (RMB, billion)

42.7

42.6

(0.2 %)

Overseas Assets Under Advisory (RMB, billion)

65.7

66.1

0.7 %

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB, except for per ADS data and percentages)

(unaudited)

Three months ended

March 31,

March 31,

2025

2026

Change

RMB’000

RMB’000

Net income attributable to Noah shareholders

148,964

124,715

(16.3 %)

Adjustment for share-based compensation

24,780

11,349

(54.2 %)

Less: tax effect of adjustments

4,956

2,200

(55.6 %)

Adjusted net income attributable to Noah shareholders (non-GAAP)

168,788

133,864

(20.7 %)

Net margin attributable to Noah shareholders

24.2 %

19.9 %

Non-GAAP net margin attributable to Noah shareholders

27.5 %

21.4 %

Net income attributable to Noah shareholders per ADS, diluted

2.11

1.79

(15.2 %)

Non-GAAP net income attributable to Noah shareholders per ADS, diluted

2.39

1.92

(19.7 %)

 

 

YY Group Holding Announces Estimated Total Assets and Net Assets per Share of $11.13 and $4.03, Respectively, as of April 30, 2026

By
Advertorial Desk
-

Estimates Reflect $37.6M in Total Assets and $13.6M in Net Assets Based on 3.38M Shares Outstanding

SINGAPORE, May 28, 2026 /PRNewswire/ — YY Group Holding Limited (NASDAQ: YYGH) (“YY Group” or the “Company”), an AI-native workforce management platform and integrated facilities management (IFM) provider operating across Asia and beyond, today announced that, based on financial data as of April 30, 2026, its total assets of approximately $37.6 million equated to approximately $11.13 per share of common stock, and its net assets of approximately $13.6 million equated to approximately $4.03 per share.

These estimates are based on 3,377,580 shares of common stock outstanding as of April 30, 2026. Compared with the Company’s audited financial statements for the fiscal year ended December 31, 2025, total assets increased from approximately $34.3 million, while net assets remained stable at approximately $13.6 million. On a per-share basis, total assets increased from $8.03 to $11.13, while net assets increased from $3.18 to $4.03, reflecting the Company’s current capital base following its share consolidation.

During the period, YY Group advanced its growth strategy through AI and robotics initiatives, including scalable AI training data capabilities and robotics applications across hospitality, security, and facilities management. The Company also expanded its operational presence through new opportunities in hospitality, the financial sector, and transportation across key markets, including Singapore, Hong Kong, Thailand, Egypt, and Malaysia.

These estimates are preliminary, have not been reviewed or audited by the Company’s independent registered public accounting firm, and are subject to normal closing adjustments and review procedures. The Company is providing this information to offer additional transparency regarding its financial position and capital base following a period of strategic growth. These metrics reflect the Company’s focus on maintaining a robust balance sheet while scaling its integrated service ecosystem across global markets.

“These updated asset metrics provide shareholders with a clearer view of YY Group’s financial position following a period of disciplined growth and operational expansion,” stated Mike Fu, Chief Executive Officer of YY Group Holding Limited. “As we continue to scale our workforce and integrated facilities management businesses, we believe our AI and robotics initiatives can enhance our operational capabilities, support new commercial opportunities, and contribute to additional revenue streams over time.”

About YY Group Holding

YY Group Holding Limited (Nasdaq: YYGH) is an AI-native workforce management platform and integrated facilities management (IFM) provider, headquartered in Singapore and operating across Asia and beyond. The Company’s intelligent workforce solutions platform, YY Circle, helps clients across hospitality, food and beverage, retail, and other service sectors predict, plan, and optimize workforce deployment. In YY Group’s IFM business, its 24IFM software platform and comprehensive IFM subsidiary portfolio support clients across hospitality, transportation, banking, retail, and mixed-use facilities.

As both business lines scale, the Company is systematically embedding AI and automation capabilities – progressing from intelligent decision support toward increasingly autonomous workforce management – to improve service quality, reduce deployment costs, and drive long-term margin expansion. Listed on the Nasdaq Capital Market, YY Group is committed to infrastructure innovation, measurable client outcomes, and long-term value creation.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the YY Group Holding Limited’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the hospitality market across Southeast Asia, Hong Kong, and other markets in which the Company operates, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) governmental approvals and regulations, (vi) our ability to successfully develop, deploy, and commercialize our AI-powered products and capabilities, including through strategic partnerships, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release, and YY Group Holding Limited undertakes no duty to update such information, except as required under applicable law.

Investor Contact

Jason Zhi Yong Phua, Chief Financial Officer
YY Group
enquiries@yygroupholding.com

 

Gastops Validates ChipCHECK® Debris Analysis Technology for Pratt & Whitney F135 Engine / Lockheed Martin F-35 Lightning II

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Advertorial Desk
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OTTAWA, ON, May 28, 2026 /PRNewswire/ — Gastops Ltd., a global leader in intelligent condition monitoring solutions for aerospace and defence applications, today announced the successful validation of its next generation debris analysis technology, ChipCHECK®, for use on the Pratt & Whitney F135 engine, powering the Lockheed Martin F‑35 Lightning II. Pratt & Whitney is an RTX business.

This milestone is the culmination of Gastops’ previously announced joint agreement under Canada’s Industrial and Technological Benefits (ITB) policy, supported by an investment from RTX. The investment enabled a comprehensive ChipCHECK validation program which will bring faster diagnostics, reduced turnaround time, and maintenance optimization to the F-35/F135 user community.

ChipCHECK enables rapid, on‑site metallic debris analysis using advanced laser‑based technology, eliminating the reliance on centralized laboratory analysis and enabling faster, data‑driven operational decisions.

The F135 validation has now concluded and ChipCHECK is available for use in the global F-35 fleet, in addition to the previously approved applications, including the GTF commercial engine family, PW2000, PW4000 family, IAE’s V2500, and the Engine Alliance GP7000.

“The F135 team prioritizes availability and reliability, resulting in a strong readiness track record across its combat-ready fleet of over 1400 engines,” said Chris Johnson, Pratt & Whitney’s vice president for the F135 program. “The use of advanced diagnostic technologies like ChipCHECK as a supplemental tool will help accelerate F135 maintenance and operational decision-making at the speed of relevance to ensure high mission capability rates continue even as global operational demands increase.”

The program also highlights the role of Canadian innovation within the global F-35 enterprise and demonstrates how ITB‑supported investments can deliver tangible operational benefits to both commercial and military customers.

“The F135 validation marks a major milestone for Gastops and for Canadian participation in the F‑35 program,” said Shaun Horning, Gastops President and CEO. “ChipCHECK has been one of our foundational technologies for more than a decade and continues Canada’s contribution to 5th generation weapon systems. We are proud to support Pratt & Whitney and F‑35 operators worldwide with capabilities that enhance readiness and reduce life‑cycle costs.”                                               

With F‑35 operations and sustainment demand growing across the globe, ChipCHECK® equips maintainers with a scalable, deployable diagnostic capability that aligns with modern defence maintenance concepts, enhancing readiness at home stations, deployed bases, and shipboard environments.

About Gastops
Gastops is the world’s leading provider of intelligent condition monitoring solutions used in Aerospace, Defence, Energy, and Industrial applications to optimize the availability, performance, and safety of critical assets. We offer peace of mind to our customers with innovative online monitoring sensors, at-line analysis, complex modeling and simulation, world-class laboratory testing, engineering, design, and MRO services that predict performance to enable proactive operating decisions. We have been providing powerful insights into the condition of critical equipment since 1979. Gastops is the intelligence inside what moves you.

www.gastops.com

GIGABYTE Announces AORUS MASTER 16 Now Available, Built for AI-Powered Performance and Immersive Play

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TAIPEI, May 28, 2026 /PRNewswire/ — GIGABYTE, the world’s leading computer brand, announced the availability of the AORUS MASTER 16 2026, a flagship AI gaming laptop that combines desktop-class performance, advanced cooling, and an exclusive AI agent in an ultra-thin 19mm portable design. Built as a mobile gaming platform to deliver immersive play and AI-powered workflows, it pairs a 16-inch OLED HDR 1000 display with a 240Hz refresh rate and up to 0.2ms response time to balance esports responsiveness with creator-grade color accuracy. It’s also recognized with the COMPUTEX 2026 Best Choice Award.

GIGABYTE Announces AORUS MASTER 16 Now Available, Built for AI-Powered Performance and Immersive Play
GIGABYTE Announces AORUS MASTER 16 Now Available, Built for AI-Powered Performance and Immersive Play

Engineered for demanding workloads, the AORUS MASTER 16 is configurable up to an AMD Ryzen™ 9 9955HX3D processor and up to an NVIDIA® GeForce RTX™ 5090 Laptop GPU, delivering close to desktop-level computing power. The model also supports MUX Switch to simplify integrated GPU or discrete GPU selection with fast mode. With advanced GPU AI capability of up to 1824 AI TOPS, it is built for next-gen AI-assisted creation and accelerated workflow. Leveraged with the flagship WINDFORCE INFINITY EX thermal solution, featuring a vapor chamber design and the integrated Frost Fan 2.0, supports up to 230W system power, helping maintain stable, low-noise performance under sustained loads.

At the center of the experience is GiMATE, GIGABYTE’s exclusive AI agent designed for more flexible and intelligent system control. It streamlines performance management and introduces tools for modern workflows. GiMATE Creator integrates generative image models into a manageable local workflow to reduce setup barriers, and GiMATE Coder supports natural-language code generation, correction, and optimization with Visual Studio Code auto-completion to accelerate iteration and debugging.

AORUS MASTER 16 features a 16:10 2.5K 240Hz OLED display with 100% DCI-P3 and a 1,000,000:1 contrast ratio for vivid, creator-accurate visuals. It is backed by certifications including Pantone® Validated, TÜV Rheinland Certified, VESA ClearMR 10000, VESA DisplayHDR 1000, and Dolby Vision®. For audio, Dolby Atmos® and four dual-force speakers with Smart Amplifier deliver a more cinematic experience, while signature touches like AORUS 5-degree Black and RGB lighting add a refined, premium finish for everyday use.

For more information, please visit the official product page. Final configurations and sales timing may vary by region and local retail or e-tail channels.

Compal and GMI Cloud Announce Collaboration on AI Infrastructure Development

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Advertorial Desk
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TAIPEI, May 28, 2026 /PRNewswire/ — Compal Electronics Inc. (“Compal”; TWSE: 2324) today announced its collaboration with GMI Cloud, a Silicon Valley-based AI infrastructure provider, to advance the deployment of next-generation AI infrastructure optimized for large-scale inference and emerging agentic AI workloads.

Four individuals pose in front of a GMI logo, holding signed documents as part of a collaboration announcement between Compal and GMI Cloud
Four individuals pose in front of a GMI logo, holding signed documents as part of a collaboration announcement between Compal and GMI Cloud

Under this engagement, GMI Cloud will adopt high-performance GPU server platforms designed to support the growing demands of large-scale AI training and inference workloads. The deployment will serve as a key foundation for GMI Cloud’s continued expansion in AI-driven services and data-centric applications.

As demand for AI compute continues to accelerate, cloud providers are scaling infrastructure to support increasingly complex workloads, including large language models, large-scale inference services, agentic AI systems, and real-time AI applications. Compal supports this deployment with its expertise in high-density server design, advanced thermal architecture, and system integration, enabling efficient and reliable infrastructure deployment at scale.

“As AI workloads rapidly evolve toward large-scale inference and emerging agentic AI applications, infrastructure requirements are shifting toward higher density, greater efficiency, and faster deployment cycles,” said Alan Chang, Vice President of Infrastructure Solutions Business Group at Compal. “We are pleased to support GMI Cloud in building an AI infrastructure optimized for next-generation inference and real-world AI deployment.”

“As AI shifts from model experimentation to real-world deployment, scalable inference infrastructure becomes increasingly critical,” said Alex Yeh, Founder and CEO of GMI Cloud. “Through this collaboration with Compal, we are expanding the infrastructure foundation needed to support agentic AI workloads and scalable inference services globally.”

In addition to the infrastructure deployment, Compal and GMI Cloud will jointly showcase their latest collaboration at COMPUTEX 2026.

At the Compal booth (M0804), visitors will be able to explore GMI Cloud’s latest agentic AI and inference-driven application scenarios, demonstrating how advanced infrastructure enables real-world deployment of next-generation AI services.

GMI Cloud will also feature Compal’s high-performance AI server platform, the Compal SGX30-2, at its booth (R0302). The system is designed to support NVIDIA HGX B300 platform, delivering the performance and scalability required for large-scale AI training and inference workloads. With an optimized design for high-density deployment, advanced thermal management, and system-level integration, the platform provides a robust foundation for next-generation AI infrastructure.

This collaboration reflects Compal’s continued role in supporting emerging cloud providers and AI infrastructure operators as they expand capacity and bring new services to market. With a global manufacturing footprint and a robust supply chain, Compal is well-positioned to support customers in deploying AI systems efficiently across regions.

About Compal

Founded in 1984, Compal is a global technology leader delivering PC platforms, cloud and AI servers, and smart device solutions for leading brands worldwide. Learn more at https://www.compal.com

About GMI Cloud

GMI Cloud is a Silicon Valley-based AI infrastructure company delivering full-stack GPU cloud and AI platform solutions for scalable AI deployment. Learn more at gmicloud.ai.

 

Oi Wah FY2026 Net Profit Surges by Nearly 48%, Continuous Expansion of Net Interest Margin Demonstrates Business Resilience

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Advertorial Desk
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Prudent Risk Management Yields Solid Outcomes metrics, Core Pawn Business Demonstrates Resilient Growth with Proposed Final Dividend of HK$1.15 cents per share


Results Highlights:

  • Profit for the year attributable to shareholders increased by approximately 47.8% YoY to approximately HK$82.6 million
  • Net profit margin increased by approximately 16.2 p.p. YoY to approximately 50.2%
  • Impairment losses recognized on loan receivables decreased by approximately 72.6% YoY to HK$12.7 million
  • Revenue from pawn loan business increased by approximately 12.9% YoY to approximately HK$98.6 million
  • Proposed final dividend of HK$1.15 cents per share

HONG KONG SAR – Media OutReach – 27 May 2026 – The board of directors of Oi Wah Pawnshop Credit Holdings Limited (HKEx stock code: 1319.HK, the “Group” or “Oi Wah”) announced its annual results and its financial position. For the year ended 28 February 2026 (“FY2026“), the Group recorded revenue of approximately HK$164.4 million. Profit attributable to shareholders of the Company reached approximately HK$82.6 million, representing an increase of 47.8% compared to the year ended 28 February 2025 (“FY2025“). During the year, net interest margin expanded to approximately 17.2%.

As of 28 February 2026, the cash and cash equivalents (net of bank overdraft) amounted to approximately HK$376.9 million, representing a substantial increase of approximately 74.8% YoY. The net assets increased to approximately HK$1,155.7 million. Concurrently, the gearing ratio dropped to 4.1%. During the year, the earnings per share increased by approximately 48.3% YoY to HK 4.3 cents. The Board of Directors recommends a final dividend of HK 1.15 cents per share.

BUSINESS REVIEW

Mortgage loan business

In FY2026, the economy entered a phase of gradual recovery, leading to a steady resurgence in financing demand. The revenue from the mortgage loan business was approximately HK$65.8 million and accounted for approximately 40.0% of the Group’s total revenue during the year. The gross mortgage loan receivables were approximately HK$612.5 million as at 28 February 2026. During the year, net interest margin of the mortgage loan business was approximately 10.1%.

In FY2026, the Group maintained a disciplined and risk-sensitive approach in its lending activities. While we observed an encouraging stabilization in the residential property market, the Group exercised intensified vigilance toward the commercial and industrial sectors due to persistent supply overhangs and valuation pressures. Our underwriting strategy remained focused on building a resilient loan portfolio by prioritizing high-quality collaterals and prudent loan-to-value ratios. During the year, the average loan-to-value ratio for first mortgage was approximately 56.27%, while overall average loan-to-value ratio for subordinate mortgage was approximately 40.82% of which, average loan-to-value ratio of subordinate mortgage that the Group participated in was approximately 3.73%.

Reflecting our robust credit risk management, the charge for impairment losses recognized on loan receivables decreased from approximately HK$46.3 million to approximately HK$12.7 million, representing a decrease of approximately 72.6% or HK$33.6 million.

Pawn Loan Business

The revenue from the pawn loan business increased by approximately 12.9% to approximately HK$98.6 million in FY2026. The business’s profitability was further bolstered by a significant 73.0% increase in the gain on disposal of repossessed assets, which reached approximately HK$19.2 million as compared to approximately HK$11.1 million in FY2025. This performance was mainly attributed to the unprecedented strength of gold prices and a highly active secondary market for luxuries, particularly high-end timepieces. These factors have further solidified the pawn loan business as a resilient and strategic hedge against broader economic volatility.

During the year, the Group continued to channel resources to advertising and promotion to enhance the Group’s brand exposure. Such effort has generated demand for one-to-one pawn loan appointment services for pawn loans exceeding HK$0.1 million.

PROSPECTS

Looking ahead, the Group maintains a stance of cautious optimism regarding the global economic recovery. While macroeconomic and geopolitical uncertainties may persist, we remain dedicated to a proactive yet prudent strategy to ensure sustainable long-term growth and maximize returns for our shareholders.

Within the mortgage loan market, our strategy will be characterized by a calibrated and divergent approach. We continue to hold an optimistic outlook on the residential property segment, where we intend to capitalize on the stabilizing interest rate environment by identifying high-quality mortgage opportunities. Conversely, we maintain cautious and vigilant towards the commercial and industrial sectors. Given the structural challenges of inventory overhang and the increasing prevalence of distressed assets, the Group will exercise intensified oversight in its credit underwriting and collateral appraisal to mitigate valuation risks.

Regarding our core operations, we anticipate our pawn loan business to remain resilient, supported by a firm gold price trajectory and sustained demand for liquidity management. To further enhance operational efficiency, the Group is actively optimizing its pawn shop network. We are strategically identifying more cost-effective locations within our established service areas, aiming to relocate our pawn outlets to premises with more competitive lease terms to reduce operating overheads while maintaining our leading market presence.

Simultaneously, our strategic partnership with PACM Group remains a key driver for geographic diversification. By proactively exploring institutional credit opportunities in developed markets while maintaining rigorous investment oversight, the Group is well-positioned to navigate evolving industry dynamics and deliver stable value to all stakeholders.

Mr. Edward Chan, Chairman and CEO of the Company, said, “Global geopolitical and macroeconomic uncertainties intertwine, placing pressure on the global economic recovery and posing ongoing challenges to the local property market. In the face of a complex external environment, Oi Wah has consistently adhered to a proactive yet prudent management strategy. Our core pawn loan business has fully demonstrated its role as a strategic tool to hedge against macroeconomic fluctuations, showcasing the Group’s strong resilience amidst market challenges.

Looking forward, we will adopt a carefully calibrated differentiation strategy and continue to drive regional diversification. Under strict investment monitoring, we will actively explore business opportunities in developed markets to further expand our revenue streams and customer base, striving to deliver long-term, stable, and sustainable returns for our shareholders.”

Hashtag: #OiWah

The issuer is solely responsible for the content of this announcement.

About Oi Wah Pawnshop Credit Holdings Limited

Oi Wah is a financing service provider in Hong Kong, mainly providing short-term secured financing, including pawn loans and mortgage loans. The Group established its first pawnshop in 1975 and currently owns 10 pawnshops and one premium service center in various locations in Hong Kong. Oi Wah diversified into mortgage loan business in 2009. The Group is the first local pawn shop which successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on 12 March 2013.

Gold (XAU/USD) Trading Conditions – JustMarkets Emphasizes Execution Quality

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Advertorial Desk
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HO CHI MINH CITY, Vietnam, May 27, 2026 /PRNewswire/ — Gold (XAU/USD) maintains its leading position in CFD traders’ portfolios. Due to changing expectations about inflation rates, central bank policies, and geopolitical events, gold remains one of the most important tools in traders’ strategies.


When working with CFD assets such as XAU/USD, the quality of the trading process is as important as the choice of approach. Efficient execution is essential for achieving desired results when applying certain strategies to gold.

Price Volatility and High Liquidity of the Instrument

Like many other assets, gold reacts to macroeconomic news. The main factors influencing price movements are interest rates, the strength of the USD, and inflation.

The asset demonstrates high liquidity, ensuring it is readily tradable. However, price volatility rises sharply on the days of significant macroeconomic data releases. In such conditions, the precision of trade execution becomes important, as traders need to manage slippage and widening spreads.

Sensitivity to Spreads

Spreads are a crucial element in determining the success of many traders’ strategies. Tight spreads make it possible to carry out operations with minimal risk of deviations due to price movements.

It is necessary to pay attention to the following aspects:

  • Spreads in both favorable and unfavorable market conditions.
  • Speed of order execution and the ability to secure a better entry point in the event of high price movement.
  • Quality of slippage control and its presence during the publication of important macroeconomic data.

In the current situation, traders analyze not just the average spreads offered by a broker, but also the stability and consistency of those spreads. Brokers such as JustMarkets provide access to competitive spreads and execution infrastructure designed to support trading in both stable and volatile market conditions.

Using Leverage

Leverage plays an important role in increasing the profitability of a trading strategy. With this tool, it is possible to increase the size of a position using relatively small amounts of capital.

Leverage up to 1:3000 is allowed when trading gold. At the same time, using this option requires careful organization, as the trader is exposed to greater risk.

By implementing a trading system and managing risk effectively, it is possible to use leverage and trade gold while maintaining flexibility in investment amounts.

Swap-Free Conditions for Overnight Trading

Position trading involves holding a position for the long term. This method requires opening a position over several candles and monitoring price changes.

In this case, the trader faces overnight commissions, which can be significant. To solve the problem, many traders use swap-free trading conditions, which exclude overnight costs from the account. Brokers like JustMarkets offer swap-free account options, allowing traders to maintain positions overnight without additional swap charges on eligible instruments.

Conditions of Platform Work and Analysis

To implement any trading strategy successfully, you need a platform. In addition to reliability and speed, the platform should provide traders with analytical opportunities, such as the ability to use indicators. On this basis, traders can analyze market conditions and choose the right moment to execute trades.

Platforms such as MetaTrader 4 and 5, among others, enable traders to implement trading strategies by providing access to indicators and charting tools.

Importance of Technical Conditions

Gold responds to many factors of global economic development, which determine its behavior. To trade this asset effectively, it is necessary to use certain conditions and technical features.

Risk Warning: Trading financial instruments involves significant risk and may not be suitable for all investors. Market conditions can change rapidly, and losses may exceed deposits. This article is for informational purposes only and does not constitute investment advice.

 

Hong Kong Airlines Officially Moves into Terminal 2; Unveils Refreshed Brand Identity; Launches Upgraded Member Rewards for 20th Anniversary

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Advertorial Desk
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HONG KONG, May 27, 2026 /PRNewswire/ — Hong Kong Airlines’ check-in counters at Hong Kong International Airport’s Terminal 1 (T1) have officially relocated to the new Terminal 2 (T2) today. From now on, passengers travelling with Hong Kong Airlines may choose to check-in and drop off their baggage at the counters in Aisle Q or the Self-service Check-in Zone at Aisle R of T2. After passing through security screening and immigration clearance, passengers will proceed to the Midfield Concourse at T1 for boarding.


Following the completion of passenger check-in for the final flight departing from T1, Hong Kong Airlines’ ground services team commenced the relocation at 4:00 am and successfully completed it by early morning, enabling passengers on the first flight from T2 to Shanghai Pudong to experience new check-in process.

To mark this significant milestone, management representatives from Hong Kong Airlines and the Airport Authority Hong Kong presided over an inauguration ceremony at the T2 check-in counters and presented commemorative gifts to passengers travelling on the day’s flights.

Mr Bruce Wang, Chairman of the Board of Directors of Hong Kong Airlines, said: “As Hong Kong Airlines approaches the significant milestone of its 20th anniversary, it is particularly meaningful for us to be the first carrier to move into the brand-new T2. The extended terminal, built to support the three-runway system, will effectively divert passenger flow from T1, increase overall operational capacity to meet the demands of peak seasons and future growth. T2 features a modern and vibrant design, offering a more comfortable and relaxing environment. Combined with the new generation of Smart Check-in facilities, we believe this will provide passengers with a seamless and enjoyable travel experience.”

Chairman Wang also paid special tribute to the staff for their efforts during the relocation. He noted that the company would deploy sufficient manpower to assist passengers and would use social media and mobile apps to explain check-in and boarding procedures, whilst raising market awareness of T2 and its related services to ensure passengers are fully informed of the latest arrangements before departure.

Refreshed Brand Visual Identity Embodies the Spirit of the City

To mark this significant 20th anniversary, Hong Kong Airlines announced last week the launch of a new brand visual identity system, reflecting the company’s evolution across multiple dimensions, including service quality, route network and corporate positioning. Notably, this marks the first update to the tail livery since the company was founded, the aim is to complete the repainting of four aircraft within this year, with the new design eventually being rolled out across the entire fleet.

The new visual identity system is centred on the design concept of “The Blossom”, drawing inspiration from Hong Kong’s cultural heritage and the Bauhinia flower, which symbolises the city’s spirit. The design blends traditional heritage with modern innovative elements, aiming to showcase Hong Kong’s unique development trajectory, resilient character and rich cultural vitality. Hong Kong Airlines aspires for its own development to mirror the blooming Bauhinia flower, embodying the collective energy and deep-rooted heritage of its team, whilst reflecting the city’s own prosperity, harmony and boundless potential. Through this brand refresh, Hong Kong Airlines will present a more vibrant and culturally resonant image, better aligned with the expectations of today’s travellers.

Upgraded Member Rewards: A Tribute to Loyal Passengers

To thank passengers for their long-standing support of Hong Kong Airlines and to celebrate the official opening of T2, the airline is upgrading two key member rewards programmes with immediate effective: the “Flight Rewards Programme” and the “Birthday Offers.” For details and terms and conditions, please visit the Hong Kong Airlines official website.


Additionally, Fortune Wings Club (FWC) members who register for the “FWC Member Birthday Privilege” during their birthday month and fly on eligible flights can earn additional tier points.

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